- Information Links
- National Clearinghouse for Long Term Care Information
- New York State Partnership Website
- Facts and Figures
- New York State Medicaid Eligibility Reference Guide
- Plan Ahead NY
- Healthy NY
- www.medicare.gov
- www.carescout.com
- Buffalo Area Nursing Home Costs
- Niagara County Area Nursing Home Costs
- Rochester Area Nursing Home Costs
- Albany Area Nursing Home Costs
- Central New York Area Nursing Home Costs
Cost Care Today At Heathwood Health Care Center Is $235/Day ($85,775/Yr)
Increases in health care expenses are the lowest they have been in the past 40 years. Health care costs increase at approximately twice the rate of inflation. With inflation being historically low, we have seen Nursing Home costs increase between 5-6%/yr since doing our survey over the past 6 years.
What It Will Cost In The Future
If costs increase at:
| Year | 5% | 6% | 7% |
|---|---|---|---|
| 5 | $117,832 | $123,558 | $129,560 |
| 10 | $150,430 | $165,390 | $181,643 |
| 15 | $191,985 | $221,351 | $254,780 |
| 20 | $244,971 | $296,150 | $357,375 |
Medicare Will Pay...
| In-patient care | For skilled nursing care | For home health care |
|---|---|---|
| All covered services for 1st 60 days after deductible of $912. 61-90 Days all covered services except for co-insurance of $228 per day. 60 Lifetime reserve days if hospitalized more than 90 days. Co-insurance $456/day. |
All covered services for 20 days. All covered services for next 80 days except for daily coinsurance amount of $114/Day. Medicare pays nothing after 100 days. Medicare will not pay if services are primarily personal care or custodial services, such as assistance in walking, getting in or out of bed, eating, dressing, bathing, or taking medicine. | Approved by home health agency for skilled nursing care, physical or speech therapy, confined to home, and under physicians care. Will not pay for personal or custodial care. |
2004 Medicaid Spend Down Requirements
| Single Person Can Keep: | Married Couple Community Spouse Can Keep: |
|---|---|
|
Primary Residence* Car Assets Of $4,150 Separate $1,500 Burial Fun Personal Needs Amount Of $50 (Income) (If In A Nursing Home) |
Primary Residence** $99,540 Separate $1,500 Burial Fund Personal Needs Amount Of $2,489/Mo ($29,868/Yr) |
*If prognosis is permanent confinement, they will force liquidation of primary residence.
**Under Medicaid recovery act, Medicaid can put a lien on the primary residence to cover their losses.
Gifts. Trusts & Medicaid
When the concern is Medicaid eligibility, remember there is a 3 year look back period for gifts, and a 5 years look back period for trusts. Even if Medicaid planners are successful in making their middle income and wealthy clients eligible for Medicaid, are those clients really better off? Suggest that they call 5 or 6 nursing homes that they feel would be acceptable to them, and have them ask if those facilities would be likely to accept them as Medicaid admissions. The big winner in the trust game is the Medicaid planner --- and maybe the children, but in most cases, it is not the people who give up their independence, control, and in many cases, their dignity.
Tax Deductibility
| Federal Taxes | New York State Taxes | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Tax qualified long-term care premiums are included as part of the medical expense deductions for those who itemize deductions. Medical expenses must exceed adjusted gross income by 7.5%; the amount over this can be deducted as per chart. Eligible Deductible Ltc Premiums
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Long-term care premiums will be eligible for a 20% tax credit for both individuals and businesses. (If your premium is $2,000, your taxes will be reduced by $400.) Eligible Deductible Ltc Premiums
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